Category Archives: Idaho

Idaho, U.S.

Two new wildfires in eastern Idaho

08 August 2012, sometime around 16:00 hours a fire started due west of Interstate 15’s Exit 47, near McCammon.

Click pics to see more.

Helicopters and what looked like farm equipment (cutting fire break?) were fighting the wildfire along with local fire departments.  It’s now contained and burned 101 acres (40.8 hectares).

Another fire is still burning to the northeast of the Marsh Creek Fire.  It’s called the South Toponce Fire. It’s not contained and has burned at least 60 acres (24 hectares).

NEW EAST IDAHO WILDFIRE, LITTLE BIRDS BUSY

Business/Economics, Idaho, International, Technology, U.S.

What Economic Recovery? Hewlett Packard to layoff 300 British employees, government officials calling it a “quarterly cull”! HP has too much debt, turns to GE for help!

“This is not part of the global program, it’s just a quarterly cull.”-unnamed government source

03 August 2012, news media in the United Kingdom have discovered that Hewlett Packard (HP) has told the British government they will let go at least 268 employees.

British law requires companies that are laying off more than 20 employees to notify the government.

Despite the unnamed government official’s statement, some analysts believe this is part of the planed layoff of 27,000 HP employees by October 2014.

HP officials in France and Germany said they’re planing to cut their workforce by 10%.  In Sweden it could be as high as 14%.  Italy and Spain are still awaiting HP’s layoff estimates.  Even the announced 268 layoffs in the U.K. are not considered the final cut.

Unions in Britain are claiming that HP will end up laying off at least 1,600 employees.  CEO Meg Whitman, refused to answer British media questions.

On 30 July 2012, the Wall Street Journal reported that HP was finding it harder and harder to get credit default swaps on its debt.  The cost of such swaps has quadrupled for HP since last year.  That’s because more and more investors are worried that HP will end up busted.

Also, HP’s debt load is now at $21 million USD, no thanks to its recent purchase of a company called Autonomy.

As a result HP has turned to General Electric (GE) for financial help.

On 02 August 2012, GE Capital announced they will offer credit to HP resellers. The offer includes 60 days of no interest re-payments: “Resellers of any size can view this kind of financing as working capital that they can use to help grow their markets and expand their businesses. We’re pleased to be working with HP to support its resellers.”-Mike Marcolina, GE Capital Commercial Distribution Finance

 

 

Business/Economics, Idaho, U.S.

What Economic Recovery? “tip of iceberg” for U.S. cities going bankrupt or defaulting, blame reduced tax revenues caused by bad economy!

“We went fifty years without any municipal bankruptcies in the United States, and now we are going to get dozens of them. The governing class did not get stupid fast.”-Richard Brodsky, former 14-term New York State assemblyman

(Actually, contrary to Brodsky’s statement, I think there was one chapter 9 bankruptcy in 1994, and another in 2008 [both in California]. But the point is that we’ve never seen the numbers we’re seeing now.)

Since 2010 dozens of cities, counties and local service agencies have gone bankrupt, something not seen in at least fifty years! Analysts are predicting dozens more.  The reason is simple: Bad economy means less jobs, and most of the jobs that are available pay a pittance (minimum wage, no benefits). That means less tax revenue for state and local governments.

Some stupid local governments try to make up for it by raising local taxes.  That shows you how out of touch your local reps are.  If tax revenues are down because most people are making less money, then raising taxes will only make things worse (remember what sparked the U.S. Revolutionary War: Unfair taxes).

2010 Local Government/Service Bankruptcies

Lost Rivers District Hospital, Arco, IDAHO

Lake Lotawana Community Improvement District, Lee’s Summit, MISSOURI

Grimes County MUD 1 and Official Committee of Bondholders, Grimes County, TEXAS

The Southern Connector (toll road), Piedmont, SOUTH CAROLINA

2011 Local Government/Service Bankruptcies

Central Falls, RHODE ISLAND

Jefferson County, ALABAMA

Centerton Municipal Property Owner’s Improvement District 3, Fayetteville,  ARKANSAS

Harrisburg, PENNSYLVANIA (courts rejected claim)

Boise County, IDAHO (courts rejected claim)

Barnwell County Hospital, SOUTH CAROLINA

Bamberg County Memorial Hospital, SOUTH CAROLINA

Sanitary and Improvement District 512, Douglas County, NEBRASKA

Mendocino Coast Recreation and Park District, Fort Bragg, CALIFORNIA

2012 Local Government/Service Bankruptcies & Defaults

Harrisburg, PENNSYLVANIA (default)

Suffolk Regional Off Track Betting Corp, Hauppauge, NEW YORK (second filing, first was rejected by courts in 2011)

Hospital Authority of Charlton County, GEORGIA

Rural Water District 1, Cherokee County, OKLAHOMA

Sylamore Valley Water Association Public Facilities, Izard County, ARKANSAS

Stockton, CALIFORNIA

Mammoth lake, CALIFORNIA

San Bernardino, CALIFORNIA

Seven local governments are under emergency management in MICHIGAN

Analysts predict many more major U.S. cities to go bust

Washington DC: In debt by $537 per resident

Detroit, MICHIGAN: In debt by $217 per resident

Honolulu, HAWAII: In debt by $110 per resident

New York City, NEW YORK: In debt by $565 per resident

Almost every major city in CALIFORNIA (beware the saying; “As California goes, so goes the rest of the nation.”)

Camden, NEW JERSEY: In debt by $54 per resident

Cincinnati, OHIO: In debt by $181 per resident

And the biggest loser is: Chicago, ILLINOIS: In debt by $2,353 per resident

 

Idaho, U.S.

New East Idaho wildfire, Little Birds busy

01 August 2012, a human caused fire northeast of Preston, in southeastern Idaho, has burned at least 268 acres (108.4 hectares), and is still active.  It’s called the Franklin County Assist 2 Fire.

Click pics to make bigger.

The Ridge Top fire is still burning, east of Blackfoot.  It’s about 70% contained, and has burned more than 16,000 acres (6,474.9 hectares). The fire started on 27 July.

EAST IDAHO WILDFIRES CONTINUE TO BURN

Idaho, U.S.

East Idaho wildfires continue to burn

29 July 2012, fires that started on 27 July, east of Blackfoot, Idaho, continue to burn.

Wildfire east of Blackfoot, Idaho, 28 July 2012.

Stevens Peak is 90% contained, and burned 850 acres (343.9 hectares).

The East Fire and the Ridge Top fires joined forces and have burned 12,000 acres (4,856.2 hectares) so far.  The fires are now referred to as Ridge Top, and is only 30% contained.

58 WILDFIRES IN EASTERN IDAHO, AND THAT’S BEFORE THE OFFICIAL FIRE SEASON BEGAN!

Idaho, U.S.

58 wildfires in Eastern Idaho, and that’s before the official fire season began!

28 July 2012, fire fighters are still busy fighting numerous wild fires throughout eastern & southeastern Idaho. July is the official start to the wildfire season in Idaho, but so far 58 fires have raged since the beginning of the year!

27July 2012, new fire Fort Hall Reservation (east of Blackfoot), as seen from tens of miles to the southwest, looking northeast from the Simplot Don Plant.

According to the Eastern Idaho Interagency Fire Center (EIIFC) more acres have burned this year than in 2011, 2010 & 2009 combined!  And the official fire season is just starting!

On 27 July 2012, new fires popped up in the Fort Hall reservation northeast of Pocatello (east of Blackfoot). They’re called the Ridge Top, Stevens Peak, East Fire and Gibson Creek fires. Together they’ve burned 8,000 acres (3,237.4 hectares) in less than one day.

Fire officials blame the ongoing, 10+ years drought in Idaho, something the mainstream media seems to ignore when it comes to reporting drought conditions in the United States.

Local fire officials are concerned because most of the fires have yet to hit the tinder dry forests: “Our lower elevations right now are fairly critical. Our upper elevations in the timber, our large fuel, and the trees are drier than normal…”-Lynn Ballard, U.S. Forest Service eastern Idaho

EAST IDAHO WILDFIRES 2012: MAINTENANCE DAY FOR SKYCRANE FIRE FIGHTER @ POCATELLO AIRPORT

Business/Economics, Idaho, International, Technology, U.S.

What Economic Recovery? Hoku Corporation voluntarily de-lists, chapter 11 coming soon, “Liquidate Hoku Materials”

“How much longer can Hoku Corp keep the tsunami of debt, liabilities, liens, foreclosures and material breaches of contract at bay? What’s the delay in filing for bankruptcy protection? I believe that it may be driven by their energetic attempts to sell their solar subsidiary before the much tighter restrictions on selling assets that would come under bankruptcy.”-Marco Mangelsdorf, ProVision Solar

Hoku Corporation, parent company of failed Hoku Materials in Pocatello, Idaho, voluntarily de-listed itself from NASDAQ, and will probably file chapter 11 bankruptcy.

On 29 June it was reported that Hoku Corp had enough cash for only nine weeks of operation!

“If Hoku is unable to secure additional financing, it believes it will need to seek protection in bankruptcy from its creditors and to liquidate and wind-down Hoku and Hoku Materials. “-Hoku SEC statement, 25 June 2012

Officials also said they were unable to complete required financial reports and would miss the filing deadline for the end of the fiscal year.

At the beginning of July 2012, Hoku Corp announced it would voluntarily de-list from NASDAQ.  This after NASDAQ stopped trading of Hoku stocks, after share price fell to below $1.00 back in December 2011.  Hoku said their de-listing would take place on 10 July.

Now, Hoku has been trading as a penny stock, and as of 17 July was worth only 4 cents per share!

HOKU CORP GOING BUST! POCATELLO WASTED HUNDREDS OF THOUSANDS ON TAX BREAKS!  WHO’S GONNA BUY ALL THOSE NEW HOMES NOW MR MAYOR?

Business/Economics, Idaho, U.S.

What Economic Recovery? Idaho’s Coldwater Creek struggles to keep head above water. Takes on more debts. One loan from company known for Mitt Romney style take overs!

“The proceeds of the Term Loan Agreement will be used for debt repayment, to finance the acquisition of working capital assets, and for other general corporate purposes.  On July 9, 2012, the Company used $14.8 million of the proceeds to repay its term loan with Wells Fargo Bank.”-Coldwater Creek statement

The struggling Sandpoint, Idaho based womens clothing retailer, Coldwater Creek, has been busy trying to save itself, through huge loans and stock tricks.

On 09 July 2012,  Coldwater Creek took a $65 million USD loan from Golden Gate Capital. Stockholders seemed happy that Coldwater Creek took on more debt, because the company stock went up, slightly, it’s still trading at less than one dollar.

Stocks trading at less than one dollar per share is in violation of NASDAQ rules, which means Coldwater Creek could be de-listed just like Hoku.

On 21 July, Coldwater Creek announced it was considering a stock split, in order to get it’s value above the magic one dollar mark.  NASDAQ has given Coldwater Creek until 11 December to bring up the value of its stock.

On 19 July stock prices were at a weak 68 cents per share. Officials with the Idaho clothing retailer hope that 1-3 split would raise the stock to $2.00 per share.  A 1-6 split could get it to $4.00.  A meeting was supposedly held on 25 July to consider the split.  But this is just tricks.

Notice in the above quote that Coldwater Creek says it paid down $14.8 million in debt to Wells Fargo. What they didn’t say is that they’ve negotiated another $70 million revolving credit deal with the same bank!

Back to Golden Gate Capital.  This finance company took over Eddie Bauer in 2009, and is part of a larger group that took over Collective Brands (which owns PayLess and StrideRite shoes).

Golden Gate Capital now holds 19.9% of Coldwater Creek stock, and put two of its own people on the board of directors of Coldwater Creek.

Back on 30 June, an analyst with The Motley Fool, gave three reasons to dump Coldwater Creek stock: Stiff competition, no profits since 2007 and tens of millions in debt!